British billionaire Sir Richard Branson's rocket company Virgin Orbit has filed for bankruptcy in the US after failing to secure new investment.

The satellite launch company halted operations weeks ago but it hopes to find a buyer for the business.

The company, based in California, announced last week that it would cut 85% of its 750-strong workforce.

Earlier this year, a Virgin Orbit rocket failed to complete its first-ever satellite launch from UK soil.

Virgin Orbit's boss Dan Hart said that although the company had "taken great efforts" to address its finances and secure more funding, "we ultimately must do what is best for the business."

He said that Virgin Orbit will now concentrate on finding a buyer for the business "to provide clarity on the future of the company to its customers, vendors, and employees".

Can we hope that is the last we will hear from Branson? I hope so.

1 hour ago, thaibeachlovers said:

Can we hope that is the last we will hear from Branson? I hope so.

Why? The ultimate self-made man, who began in business by selling records out of the back of a van and went on to become a billionaire. Maybe you're jealous?

Okay, I will admit I don't trust Richard Branson.

 

He has had more than a few companies declare Bankruptcy and in general, the only losers are the investors who are in general wiped out.

 

Meantime, Mr. Branson is in his balloon on his way to his private holiday Island to count his $$$!

2 minutes ago, Pdavies99 said:

Okay, I will admit I don't trust Richard Branson.

 

He has had more than a few companies declare Bankruptcy and in general, the only losers are the investors who are in general wiped out.

 

Meantime, Mr. Branson is in his balloon on his way to his private holiday Island to count his $$$!

Is it envy....?

Investors take the gamble, some lose out...????

28 minutes ago, transam said:

Is it envy....?

Investors take the gamble, some lose out...????

No envy at all....when I invest, I check out the performance and failures of the business and look at investment managers' history and reputation

 

As for his lifestyle... it's great...and paid for by his investors!   (OPM)

3 minutes ago, Pdavies99 said:

No envy at all....when I invest, I check out the performance and failures of the business and look at investment managers' history and reputation

 

As for his lifestyle... it's great...and paid for by his investors!   (OPM)

Of course, you do......????

I guess not all space industries are complete successes.  The cost of the virgin launches are

a lot cheaper than the other type of launches, so I hope this gets a second chance with a new owner.

1 hour ago, Stargeezr said:

I guess not all space industries are complete successes.  The cost of the virgin launches are

a lot cheaper than the other type of launches, so I hope this gets a second chance with a new owner.

He'd have done better investing some of that money into his rubbish train company. On the Virgin train I went on half the toilets were out of order and there were not enough even if they had been operational.

On the service to catch the ferry to Ireland there were not even racks to put luggage on, and everything was just piled in a heap on the floor.

The different rail company I used on return didn't have any of the problems of the Virgin disaster.

On 4/5/2023 at 11:16 AM, transam said:

Of course, you do......????

I do, only stupid not to! How about you, a great investor! Ha Ha! Yeh!

21 hours ago, Pdavies99 said:

I do, only stupid not to! How about you, a great investor! Ha Ha! Yeh!

Nooooooo, never been interested in gambling as a hobby....